3M to Sell Its Tolling and Automated License/Number Plate Recognition Business

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"3M believes that the best path forward for this business is with a company focused on tolling and electronic vehicle registration technology"

ST. PAUL, Minn.--(BUSINESS WIRE)--3M announced today that it has entered into agreements to sell its
tolling and automated license/number plate recognition business, which
is part of 3M’s Traffic Safety and Security Division, to Neology, Inc.,
a leading provider of integrated solutions for tolling, electronic
vehicle registration and public safety applications. Neology is a
subsidiary of SMARTRAC, aportfolio company managed by One Equity
Partners, a middle-market private equity firm.

3M’s tolling and automated license/number plate recognition business is
a provider of tolling and automated license/number plate recognition
solutions. Its tolling solutions include RFID readers and tags,
automatic vehicle classification systems, lane controller and host
software, and back office software and services. It also provides mobile
and fixed cameras, software, and services in automated license/number
plate recognition. The business has annual global sales of approximately
$40 million.

“3M believes that the best path forward for this business is with a
company focused on tolling and electronic vehicle registration
technology,” said John Riccardi, vice president and general manager,
Traffic Safety and Security Division. “We thank employees for their
commitment and service to the business.”

The transaction is expected to close by the third quarter of 2017, and
is subject to customary closing conditions, regulatory approvals and
consultation or information requirements with relevant works councils.
Approximately 85 employees are expected to join Neology upon completion
of the sale.

KPMG Corporate Finance acted as the exclusive financial adviser to 3M on
the sale.

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